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Foreign Trusts: Income Tax and the U.S. Grantor

23 Aug 2023 Written by Gary A. Forster

Article Written for: the CPA Now, PICPA Pennsylvania Institute of Certified Public Accountants

A foreign trust is generally treated as a nonresident noncitizen (NRNC) holding for U.S. income tax purposes. Therefore, foreign trusts are subject to U.S. income tax only on U.S. source income.[1]

Foreign Trusts: Income Tax and the Nonresident Noncitizen Grantor

13 Nov 2023 Written by Gary A. Forster

Article Written for: the CPA Now, PICPA Pennsylvania Institute of Certified Public Accountants

Foreign trusts generally incur taxable income similar to nonresident noncitizen (NRNC) individuals, with certain limitations on credits and deductions that are source income.¹

Tax Reporting of Foreign Assets

01 Dec 2022 Written by Gary A. Forster

Article Written for: TaxStringer, the NYSSCPA's (New York Society of Certified Public Accountants)

U.S. citizens and residents are subject to a number of IRS reporting requirements regarding assets held outside the U.S. Foreign situs assets and interests in offshore trusts significantly complicate tax reporting. Several such filing requirements are outlined below.

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